Braya Renewable Fuels receives $300m investment from Energy Capital Partners
Braya Renewable Fuels has received a $300m investment from private equity investment firm, Energy Capital Partners (ECP). The investment from ECP completes the financing for the conversion of Braya’s Come-By-Chance refinery in Newfoundland and Labrador, Canada to low-carbon fuel and Sustainable Aviation Fuel (SAF) operations.
The agreement builds on Braya’s contract with ABO Wind for the joint development of green hydrogen production at the facility. Once operational, the project will initially supply 18,000 barrels of low-carbon fuel per day, with further plans to increase the production of SAF.
“We are excited to join forces with ECP to drive innovation, scale production and create long-term value for our investors and stakeholders,” said Frank Almaraz, CEO, Braya. “This is an exciting time for Braya as it moves closer to completing the first phase of its multi-stage growth plans and commencing the production and sale of renewable fuel later this year.”
Following the investment, ECP joins Braya’s current owners, Cresta Fund Management and North Atlantic Refining on its board. Dallas-based Cresta has been Braya’s majority owner and controlling investor since 2021.
“We welcome ECP, a seasoned investor in the energy transition sector, to the Braya team,” added Chris Rozzell, managing partner, Cresta Fund Management. “This investment is a major step in positioning Braya to become one of the largest independently owned renewable fuel producers in the world.”
Rahman D’Argenio, partner, ECP said that the venture reflects the firm’s commitment to investing in the electricity, clean energy, renewable and sustainable infrastructure sectors.
“We look forward to supporting Braya as they capitalise on the significant long-term growth opportunities in the renewable fuels sector that will be required to decarbonise heavy transport, industry and aviation,” said D’Argenio.
Braya was assisted by Lazard in the transaction, who acted as s financial advisor and was represented by Kirkland & Ellis, Norton Rose Fulbright Canada, McInnes Cooper and Sidley Austin. Latham & Watkins and Blake, Cassels & Graydon represented ECP.